Establishment of Correspondent Relationships with Foreign Depositories

The Central Depository subject to agreement with the Ministry of Finance of the Republic of Belarus is allowed to establish correspondent relations with foreign securities depositories which meet the following requirements:

·       implementation of depository activities by the foreign depository for at least 3 years;

·       there is the special permit (license) for depository activities, which expires no earlier than one year from the date of the contract for establishment of correspondent relationships;

·       the presence of the foreign depository’s permanent office in the state where the depository is registered.

To open a LORO correspondent depo account, a foreign depository shall submit the following documents to the Central Depository:

• an application for opening a LORO correspondent depo account in accordance with Appendix 2 to this Instruction;

• an extract from the trade register of the country where the non-resident depository is located or other equivalent proof of the legal status of the non-resident depository in accordance with the legislation of the country where it is located, issued no earlier than three months before the date of filing an application for opening a depo account;

• a copy of the charter or other constituent document of the non-resident depository in accordance with the legislation of the country of its location in the current version;

• a copy of a special permit (license) for the right to carry out depository activities (if the legislation of the state where the non-resident depository is registered provides for licensing of depository activities);

• a card with sample signatures in accordance with Appendix 4 to the Instruction, certified by a notary;

• a list of persons entitled to receive (transfer) documents containing confidential information about depositors, in accordance with Appendix 3 to the Instruction.

• identification form of a foreign depository in accordance with Appendix 3 to the Regulations of the Central Depository.

Documents submitted to the Central Depository for opening a correspondent account depo LORO, issued outside the Republic of Belarus in accordance with the legislation of foreign states, unless otherwise provided by international treaties of the Republic of Belarus, must be legalized in diplomatic missions or consular institutions of the Republic of Belarus. Documents drawn up in a foreign language must be translated into Russian (Belarusian) (the correctness of the translation and (or) the authenticity of the translator's signature must be notarized).